Report: Memphis Grizzlies sale close to breaking down [UPDATE]

Sunday June 17th, 2012

Grizz Robert J. Pera may not be Grizz's new boss, after all. (Joe Murphy, Getty Images)

Update, June 18, 4:35 p.m.: Information cited in this blog post was incorrect. The original story below was based on inaccurate information reported in the New York Daily News. The report of Pera's net worth was changed from $200 million in the initial report, to "well over $800 million" in a later update. More market analysis on Pera's firm Ubiquiti can be found here.

Communications magnate Robert J. Pera just agreed a fee to buy the Memphis Grizzlies earlier this week, but already his bid may be in trouble. A rough week at the market for Pera's communications technology firm Ubiquiti networks is to blame, according to a report from the New York Daily News.

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide—from Peter King, Tom Verducci, Lee Jenkins, Andy Staples, Grant Wahl, and more—delivered straight to you, along with up-to-the-minute news and live scores.